Global Plastic Waste Management Market Share Is Likely To Reach At A CAGR Value Of Around 4.5% By 2030

15-May-2023 | Facts and Factors

According to the Facts & Factors report, the global plastic waste management market size is valued at USD 36.87 billion in 2022 and is likely to surpass USD 46.87 billion from 2023-2030. The market is expected to grow at a CAGR of 13% during the forecast period. The global plastic waste management market report covers all aspects, including the potential growth drivers, restraints, and leading market players. Also, it offers detailed key insights into the opportunities and challenges in the market environment.

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Plastic waste refers to a non-biodegradable substance that is not recycled and is left at dumping sites or landfills. Plastic is used for a wide number of applications globally. Therefore, it is highly important to dispose of plastic waste properly. However, the process is quite complicated owing to the chemical nature of the plastic substance. The efforts, procedures, and methods adopted to recycle piled-up plastic waste are collectively referred to as plastic waste management.

Browse the full “Plastic Waste Management Market Size, Share, Growth Analysis Report By Service Type ( Landfills, Incinerations, Recycling, And Collection), By Polymer Type (Terephthalate, Polyurethane, Polyvinyl Chloride, High-Density Polyethylene, Low-Density Polyethylene, And Polypropylene), By Source (Industrial, Commercial, And Residential), By End Users (Consumer Products, Electrical & Electronics, Transportation, Building & Construction, Textile, And Packaging), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030” report at https://www.fnfresearch.com/plastic-waste-management-market

Advanced technologies and frameworks used for the assortment, arranging, and reprocessing of recycling waste are opening new growth opportunities in the global plastic waste management market. Technology innovations like machine learning are able to save efficient sources and time by efficiently planning the framework.

As a result, it will help lower the cost of the entire operation. Additionally, these help in identifying plastic trash in oceans with the help of satellites and also point out the precise location of the accumulated junk. Therefore, these technologies are likely to fuel the growth of the global market in the forthcoming years.

Furthermore, many global companies are coming together to fight against the growing plastic pollution. Such alliances and their investments are helping achieve the global vision of no plastic waste with several strategies like education & engagement, product innovation, infrastructure development, etc.

However, the lack of proper treatment plans in many countries is likely to impede the growth of the global plastic waste management industry. Several manufacturing units dump their plastic waste into water bodies and landfills, which in turn is creating a huge challenge in the global market. Plastic waste management requires heavy investment and skilled labor, and therefore, the lack of such efficient resources is also a big obstruction in the global plastic waste management market.

global-plastic-waste-management-market-size

Segmental Overview:

The global plastic waste management market is bifurcated into five categories, namely, service type, polymer type, source, end users, and region.

On the basis of service type, the market is segmented into incinerations, landfills, collection, and recycling. The recycling segment holds the largest market share due to the global improved waste recycling framework. Also, recycled waste is immensely used in manufacturing different plastic elements like containers, garbage bags, etc. The collection segment is also expected to grow significantly during the forecast period due to the increasing industrial, commercial, and residential waste.

On the basis of polymer type, the plastic waste management industry is segmented into high-density polyethylene, terephthalate, polyvinyl chloride, low-density polyethylene, polyurethane, and polypropylene. The polypropylene segment acquires the highest market share due to its easy availability, low price, and high adaptability to different fabrication techniques. It is best for industrial and household purposes. The low-density polyethylene segment is predicted to grow exponentially in the forthcoming years because of its high usage in manufacturing compost bins, paneling, furniture, liners, trashcans, etc.

On the basis of source, the market is segmented into industrial, commercial, and residential. The residential segment holds the highest market volume and is expected to grow with an annual compound rate of 3.7% during the forecast period. The segment’s high growth rate is due to increasing global urbanization and infrastructure development. The high disposable income of people, along with the growing population, is the major factor driving the growth of the segment.

On the basis of end users, the plastic waste management industry is segmented into consumer products, electrical & electronics, transportation, building & construction, textile, and packaging. The textile segment holds the largest share of the global plastic waste management market due to the growing applications of plastic in textile mills.

For instance, plastic bottles are used to manufacture polyester yarn which is later used to make green clothes. The consumer product segment is also expected to experience high growth in the forthcoming years because of the growing usage of plastic and other plastic materials in consumer products. For instance, recycled plastic is used to manufacture containers, bottles, lids, tubs, and trays.

Regional Overview:

Asia Pacific accounts for the largest volume share in the global plastic waste management market. It is expected to grow significantly, with a high CAGR of 3.6% during the forecast period. Increasing industrialization and urbanization are growing the per capita plastic waste, thereby boosting the demand for plastic waste management. China is the major region contributing towards increasing its market share of the region. However, India is expected to acquire a larger market volume in the forthcoming years due to the improved waste management framework along with the increasingly stringent rules and regulations in the region.

North America is also anticipated to see a huge increase in the region’s CAGR owing to the presence of leading waste management companies in the region.

Europe is also a leading region in the global marketplace, as most of the plastic waste in the region is widely used for energy generation purposes. The implementation of the ‘European Green Deal’ and ‘Circular Economy Action Plan’ projects have positively impacted the region’s market share.

Report Scope

Report Attribute

Details

Market Size in 2022

USD 36.87 Billion

Projected Market Size in 2030

USD 46.87 Billion

CAGR Growth Rate

4.5% CAGR

Base Year

2022

Forecast Years

2023-2030

Key Market Players

Clean Harbors Inc., Republic Services Inc., Suez Environnement Company, Waste Management Inc., Veolia Environnement S.A, Remondis SE & Co. K.G., Stericycle, Covanta Holding Corporation, Biffa, The WasteCare Group, TerraCycle, Vadeb Global Ltd., 4G Recycling Inc., Reprocesses Plastic Inc, and others.

Key Segment

By Service Type, Polymer Type, Source, End Users, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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Competitive Landscape:

The key players in the global plastic waste management market include Clean Harbors, Inc., Republic Services, Inc., Suez Environnement Company, Waste Management, Inc., Veolia Environnement S.A, Remondis SE & Co. KG, Stericycle, Covanta Holding Corporation, Biffa, The WasteCare Group, TerraCycle, Vadeb Global Ltd., 4G Recycling Inc., Reprocesses Plastic Inc. Collaborations, new product development, partnerships, mergers and acquisitions, business expansions, supply contracts, agreements, and contracts are some of the active marketing strategies adopted by market leaders to strengthen their position in the global marketplace.

Recent Developments:

  • Biffa PLC, in June 2021, acquired Green Circle Polymers. It is likely to become successful because it is the only post-consumer plastic recycling facility available in Scotland.
  • UPS Healthcare in May 2021 collaborated in May 2021 to deliver medical waste disposal and sorting services. Both companies are expected to preserve people’s health and contribute towards the plastic circular economy safe manner for a longer period. 

The global plastic waste management market is segmented as follows:

By Service Type

  • Landfills
  • Incinerations
  • Recycling
  • Collection

By Polymer Type

  • Terephthalate
  • Polyurethane
  • Polyvinyl Chloride
  • High-Density Polyethylene
  • Low-Density Polyethylene
  • Polypropylene

By Source

  • Industrial
  • Commercial
  • Residential

By End Users

  • Consumer Products
  • Electrical & Electronics
  • Transportation
  • Building & Construction
  • Textile
  • Packaging

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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